FOR IMMEDIATE RELEASE

May 28, 2021

Contact:
Collin Rees, 308-293-3159, collin@priceofoil.org

Oil Change International response to Biden budget, fossil fuel subsidies removal

WASHINGTON, DC — Today, the Biden Administration released its FY22 budget proposal, which includes an end to tens of billions in subsidies to fossil fuel production. 

In response, Collin Rees, Senior Campaigner with Oil Change International, released the following statement:

“We’re pleased to see such a strong commitment to ending fossil fuel giveaways featured prominently in President Biden’s budget and American Jobs Plan. Subsidies to oil, gas, and coal companies have lined the pockets of fossil fuel executives and harmed communities for decades. 

“Big Oil’s continued existence is the single biggest threat to our climate, and it’s long past time to end giveaways of public money to fossil fuel companies once and for all. As we enter another year that could feature climate-fueled wildfires devastating the West and supercharged hurricanes threatening the Gulf Coast, President Biden is right to be prioritizing the climate crisis in this budget. At the same time, the budget’s inclusion of additional subsidies for false solutions like carbon capture and sequestration is concerning and should be cut.

“Ending deadly fossil fuel subsidies is enormously popular with the American public, and a key piece of our fight against climate chaos. We urge Congress to enact President Biden’s commitment to end subsidies by moving legislation like Rep. Omar’s End Polluter Welfare Act and Sen. Wyden’s Clean Energy for America Act forward without delay.

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Notes to Editors: 

Conservative estimates of direct U.S. federal subsidies to fossil fuel production total nearly $15 billion per year.

The newly released Biden budget repeals an estimated $35 billion in fossil fuel tax preferences over the next ten years (page 48-49), and raises an additional $86 billion by reforming taxation of foreign fossil fuel income (page 50).

One Comment

  • Now we need pressure to remove fossil fuel subsidies in ALL countries. Perhaps a COP26 resolution with a timeline and penalties for non-compliance?

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